FORM 4
[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Rosello Gemma 		2. Issuer Name and Ticker or Trading Symbol

CONTINUCARE CORP [ CNU ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Executive VP - Operations
(Last)          (First)          (Middle)

7200 CORPORATE CENTER DRIVE 		3. Date of Earliest Transaction (MM/DD/YYYY)

10/4/2011
(Street)

MIAMI, FL 33126
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   10/4/2011     M    42016   A $2.38   1121759   I   By husband  
Common Stock   10/4/2011     M    144404   A $2.77   1266163   I   By husband  
Common Stock   10/4/2011     M    39840   A $2.51   1306003   I   By husband  
Common Stock   10/4/2011     D    1306003   D   (1) 0   I   By husband  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy)   (1) $2.38   10/4/2011     M      42016         (2) 9/19/2018   Common Stock, par value $.0001   42016   $ 0   0   I   By husband  
Stock Option (Right to Buy)   (1) $2.77   10/4/2011     M      144404         (3) 9/12/2016   Common Stock, par value $.0001   144404   $ 0   0   I   By husband  
Stock Option (Right to Buy)   (1) $2.51   10/4/2011     M      39840         (4) 9/11/2017   Common Stock, par value $.0001   39840   $ 0   0   I   By husband  
Stock Option (Right to Buy)   (1) $3.51   10/4/2011     D         250000      (5) 9/15/2020   Common Stock, par value $.0001   250000   $2.94   (5) 0   I   By husband  
Stock Option (Right to Buy)   (1) $2.51   10/4/2011     D         110160      (6) 9/11/2017   Common Stock, par value $.0001   110160   $3.94   (6) 0   I   By husband  
Stock Option (Right to Buy)   (7) $2.77   10/4/2011     D         5596      (7) 9/12/2016   Common Stock, par value $.0001   5596   $3.68   (7) 0   I   By husband  
Stock Option (Right to Buy)   $2.38   10/4/2011     D         132984      (8) 9/19/2018   Common Stock, par value $.0001   132984   $4.07   (8) 0   I   By husband  
Stock Option (Right to Buy)   $3.13   10/4/2011     D         175000      (9) 9/15/2019   Common Stock, par value $.0001   175000   $3.32   (9) 0   I   By husband  
Stock Option (Right to Buy)   $2.42   10/4/2011     D         200000      (10) 12/6/2015   Common Stock, par value $.0001   200000   $4.03   (10) 0   I   By husband  
Stock Option (Right to Buy)   $3.51   10/4/2011     D         150000      (11) 9/15/2020   Common Stock, par value $.0001   150000   $2.94   (11) 0   D    
Stock Option (Right to Buy)   $3.13   10/4/2011     D         100000      (12) 9/15/2019   Common Stock, par value $.0001   100000   $3.32   (12) 0   D    
Stock Option (Right to Buy)   $2.69   10/4/2011     D         100000      (13) 5/26/2015   Common Stock, par value $.0001   100000   $3.76   (13) 0   D    
Stock Option (Right to Buy)   $2.38   10/4/2011     D         100000      (14) 9/19/2018   Common Stock, par value $.0001   100000   $4.07   (14) 0   D    
Stock Option (Right to Buy)   $2.51   10/4/2011     D         75000      (15) 9/11/2017   Common Stock, par value $.0001   75000   $3.94   (15) 0   D    
Stock Option (Right to Buy)   $2.42   10/4/2011     D         75000      (16) 12/6/2015   Common Stock, par value $.0001   75000   $4.03   (16) 0   D    
Stock Option (Right to Buy)   $2.77   10/4/2011     D         75000      (17) 9/12/2016   Common Stock, par value $.0001   75000   $3.68   (17) 0   D    

Explanation of Responses:
( 1)  Disposed of pursuant to an Agreement and Plan of Merger, dated June 26, 2011, by and among Continucare Corporation, Metropolitan Health Networks, Inc. ("Metropolitan") and Cab Merger Sub, Inc., a wholly owned subsidiary of Metropolitan (the "Merger Agreement"), in exchange for $6.25 in cash, without interest, and 0.0414 of a share of Metropolitan common stock.
( 2)  This option provided for vesting in four equal annual installments beginning on September 19, 2009.
( 3)  This option provided for vesting in four equal annual installments beginning on September 12, 2007.
( 4)  This option provided for vesting in four equal annual installments beginning on September 11, 2008.
( 5)  This option, which provided for vesting in four equal annual installments beginning on September 15, 2011, was canceled, pursuant to the Merger Agreement, for a cash payment of $735,000, representing the difference between the exercise price of the option and $6.45.
( 6)  This option, which provided for vesting in three equal annual installments beginning on September 11, 2008, was canceled, pursuant to the Merger Agreement, for a cash payment of $434,030.40, representing the difference between the exercise price of the option and $6.45.
( 7)  This option, which provided for vesting in four equal annual installments beginning on September 12, 2007, was canceled, pursuant to the Merger Agreement, for a cash payment of $20,593.28, representing the difference between the exercise price of the option and $6.45.
( 8)  This option, which provided for vesting in four equal annual installments beginning on September 19, 2009, was canceled, pursuant to the Merger Agreement, for a cash payment of $541,244.88, representing the difference between the exercise price of the option and $6.45.
( 9)  This option, which provided for vesting in four equal annual installments beginning on September 15, 2010, was canceled, pursuant to the Merger Agreement, for a cash payment of $581,000, representing the difference between the exercise price of the option and $6.45.
( 10)  This option, which provided for vesting in four equal annual installments beginning on December 6, 2006, was canceled, pursuant to the Merger Agreement, for a cash payment of $806,000, representing the difference between the exercise price of the option and $6.45.
( 11)  This option, which provided for vesting in four equal annual installments beginning on September 15, 2011, was canceled, pursuant to the Merger Agreement, for a cash payment of $441,000, representing the difference between the exercise price of the option and $6.45.
( 12)  This option, which provided for vesting in four equal annual installments beginning on September 15, 2010, was canceled, pursuant to the Merger Agreement, for a cash payment of $332,000, representing the difference between the exercise price of the option and $6.45.
( 13)  This option, which provided for vesting in four equal annual installments beginning on May 26, 2006, was canceled, pursuant to the Merger Agreement, for a cash payment of $376,000, representing the difference between the exercise price of the option and $6.45.
( 14)  This option, which provided for vesting in four equal annual installments beginning on September 19, 2009, was canceled, pursuant to the Merger Agreement, for a cash payment of $407,000, representing the difference between the exercise price of the option and $6.45.
( 15)  This option, which provided for vesting in four equal annual installments beginning on September 11, 2008, was canceled, pursuant to the Merger Agreement, for a cash payment of $295,000, representing the difference between the exercise price of the option and $6.45.
( 16)  This option, which provided for vesting in four equal annual installments beginning on December 6, 2006, was canceled, pursuant to the Merger Agreement, for a cash payment of $302,250, representing the difference between the exercise price of the option and $6.45.
( 17)  This option, which provided for vesting in four equal annual installments beginning on September 12, 2007, was canceled, pursuant to the Merger Agreement, for a cash payment of $276,000, representing the difference between the exercise price of the option and $6.45.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Rosello Gemma
7200 CORPORATE CENTER DRIVE
MIAMI, FL 33126

Executive VP - Operations

Signatures
/s/ Gemma Rosello 10/6/2011
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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